Peter Kitson Email & Phone Number

Worldwide

An experienced interim manager offering strategic and financial advice at Board and senior management level.Clients include:-Alkane Energy Plc.Business Development DirectorMy role was to initiate related energy businesses such as onshore gas together with research into the feasibility of CBM and shale gas to add shareholder value through acquisition or farm ins.Lime Petroleum Plc.Chief Financial OfficerPrepared 2013/2014 work program, budgets, and cash flow forecasts for the Shareholders and Government entities.Developed the company’s first set of monthly management accounts.Mafula Energy Limited.Chief Executive Officer and Chief Financial OfficerMy initial task was to raise approximately £1.5 million in pre-IPO funds to continue early stage exploration activities.I was also responsible for producing fully compliant accounts to IFRS standards.Confidential Client.Commercial ManagerMy initial task was to evaluate the findings of a geology report commissioned by the client and interpret the same as to the potential resource targetted. My findings indicated that the resource base was far smaller than my client’s expectation.Advised on risk mitigation strategies such as farming out the project to an operating partner and farming into adjoining licenses to enhance supply continuity.Introduced client to major Coal Bed Methane player to facilitate a farm out opportunity and advised on commercial options.Private Client, Charity Sector.Leader Business Transformation ProjectMy client is a charity that needed to reduce the number of working sites from 150 to 40; layers of management from 8 to 3; reduce headcount by 30%.My role was to develop a business model; cost the new revenue streams and advise on the right sizing project. This included full P&L; Balance Sheet and Cash Flow Projections over a 4 year period to determine the cost of the transformation and the projected outcome of the changes.

WBN is an AIM listed E&P company with interests in the North Sea and Colombia.Main focus was to identify, appraise and value acquisitions to reverse into the restructured entity.Involved in a potential acquisition that would have entailed a re-listing. This included working on the Competent Person's Report and re-listing documents to AIM such as the "long form"; "short form" and "working capital" reports.Played key role in reversing in a privately owned oil company to take up 85% of the company to recapitilaise the business. This involved working with the NOMAD to secure Takeover Panel approval under Rule 9 of the City Code; all aspects of due diligence with the incoming investor and all legal aspects of arranging shareholder approvals etc. The outcome was an immediate £2m cash injection with a potential secondary injection of £10m.Created value by farming out 50% of the company's Colombian assets undertaking and managing all aspects of due diligence.Represented the company during various fund raising rounds in the City, developing and delivering presentations with the MD and broker.Maintain relationships with key shareholders; NOMAD and broker.Responsible for preparation of all statutory and management accounts for the Plc and its subsidiaries to the appropriate accounting standards.

Almaty Kazakhstan

WOL was a pre IPO JV with a 940 km2 license in the Republic of Kazakhstan. WOL was the field operator. The company was in the start up phase with an anticipated CAPEX spend over the initial 5 years of $800m.Responsible for developing the company's strategy, including exploration, drilling and development programme. I was also responsible for developing marketing strategies.As a start-up company, I was responsible for developing all controls and procedures including finance, procurement, tendering, health and safety etc. to internationally accepted standards.Represented WOL in dispute with partner who defaulted having failed to meet the subscription target resulting in the loss of the asset.With the Chairman, I was responsible for raising alternate sources of funds ($100m+) to finance the forward work programme.

Employed on an interim basis to co-ordinate the various finance divisions of Xchanging and PwC, the reporting accountants, to ensure the timely production of the IPO admission documents such as the “short form”; “long form” and “working capital” schedules. Market Cap at IPO was £650m.

Kenya

Formed joint venture to start a 50 hectare flower farm on a green field site to grow Hypericum for export to Japan and Europe.Arranged loan finance of $1.5 million and additional lines of credit with suppliers to enable business start up. This involved comprehensive P&L, balance sheet and cash flow modelling together with IRR, NPV and payback calculations.Set up all aspects of the company from finance, stock accounting and administration to planting, crop management, marketing, employment and training.Managed supply chain process, which represented 30% of the company's costs.In addition to monthly management accounts, maintained close relationship with banks and stakeholders providing comprehensive actual versus plan analysis together with cash flow forecasts to enable cash draw downs to fund expansion in a highly geared environment.

Kenya

Appointed as GM of Sulmac Co Ltd. Sulmac was one of the world’s largest growers of flowers and vegetables, exporting over 200 million stems of cut flowers to Japan and Europe and 5,000 tonnes of fresh and organic produce to UK supermarkets. Remit was to turn round the failing business which was on the verge of insolvency and dispose of it for a positive value to the shareholder.Established management information systems that enabled a comprehensive business review revealing that 50% of all flowers were not viable.Analysis showed that the newly launched vegetable division was totally unviable despite the investment of several million dollars. Established a clear, achievable, budget and business plan that was met.Closed loss-making operations, reducing workforce from 4,500 to 1,200 including negotiating with government and unions.Reduced annual costs by over $1 million as a result of improved supply chain management.Re-financed bank borrowings, sold surplus assets in excess $2 million and reduced working capital to provide cash flow. Business highly geared requiring tight cash flow forecasting and cash management.Having stabilised the business, I was responsible for managing the sales process of the company, including all aspects of due diligence, realising a positive net transfer price from a position of insolvency.

Interim project manager tasked with preparing the “Tom Cobleigh” division for sale.Managed team of 5 interims plus in-house staff to reconcile all balance sheet accounts ahead of due diligence.Uncovered and rectified numerous accounting errors and systems weaknesses.

Interim project manager tasked with closing down the estates management division.Ensured that all WIP was billed correctly.Managed team to collect outstanding receivables and resolve outstanding queries.Conducted systems review of billing and accounting system not fit for purpose and made recommendations to resolve the issue.

Kenya

Bought in to turnaround a failing company, TPI, a £40 million turnover subsidiary of the Dolphin Group, was the largest leisure company in its sector.Evaluated company's business portfolio and re-oriented income stream towards less volatile operations increasing market share in the face of increased competition.Reduced headcount by 30% and closed loss making business units.Negotiated additional lines of credit with local banks.Responsible for all aspects of finance including year-end audits, cash flow forecasts, budgets etc.

Elf Gas & Power was the first independent utility supplier to sell gas in competition to British Gas.Managed substantial change through a period of sustained growth from a start up position to one of over £150 million turnover, serving 250,000 customers and employing over 150 staff.Introduced all financial controls for commodity trading and hedging business.With the Business Development Manager, identified new business opportunities resulting in the establishment of a “design, build and finance” pipeline distribution company serving the residential market. The subsidiary was subsequently sold for an enterprise value of £465m. Responsible for bank relationships to fund the company’s pipeline distribution systems. This included development of capital investment appraisal models using NPV and IRR methodology.Repositioned company's strategic direction as result of supply and demand analysis. Company's customer base realigned and sales strategy re-focused towards direct selling into the high volume, low value domestic market place.

A subsidiary of ML Inc, MLRM was the UK's premier relocation management consultant, operating throughout the US, UK and Europe.Re-negotiated company's loan portfolio, reducing average cost of borrowing by 1%.Provided economic analysis that predicted the 1990 property crash.Responsible for company’s finance, IT and company secretarial.

Senior E&P accountant preparing project appraisals and economic analysis of major North Sea projects and joint venture accounting.General Manager of Liberian subsidiary. Sold business to Mobil.Finance Manager of downstream marketing subsidiary in Sierra Leone.

Liberia

Finance Manager of West African subsidiary.Managed finance department including cash flow forecasts, budgets etc.

Responsible for year-end and management accounting of 8-branch company.